SG Americas Securities LLC Purchases New Stake in Globalstar, Inc. $GSAT

SG Americas Securities LLC purchased a new position in Globalstar, Inc. (NASDAQ:GSAT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 19,589 shares of the company’s stock, valued at approximately $713,000.

A number of other hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new stake in shares of Globalstar during the third quarter worth about $37,000. Dakota Community Bank & Trust NA purchased a new stake in Globalstar in the 3rd quarter worth approximately $46,000. CWM LLC grew its position in shares of Globalstar by 100.6% in the 3rd quarter. CWM LLC now owns 1,324 shares of the company’s stock worth $48,000 after buying an additional 664 shares during the last quarter. MRP Capital Investments LLC purchased a new position in shares of Globalstar during the second quarter valued at approximately $64,000. Finally, Osaic Holdings Inc. raised its holdings in shares of Globalstar by 640.4% during the second quarter. Osaic Holdings Inc. now owns 3,302 shares of the company’s stock valued at $78,000 after acquiring an additional 2,856 shares in the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on GSAT shares. B. Riley lifted their price target on shares of Globalstar from $60.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 10th. Zacks Research cut shares of Globalstar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft began coverage on Globalstar in a research report on Tuesday, December 16th. They set a “hold” rating and a $62.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Globalstar in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $68.50.

Globalstar Price Performance

Shares of GSAT opened at $60.81 on Thursday. Globalstar, Inc. has a fifty-two week low of $17.24 and a fifty-two week high of $74.88. The firm’s 50-day simple moving average is $62.88 and its two-hundred day simple moving average is $44.64. The stock has a market cap of $7.71 billion, a PE ratio of -132.20 and a beta of 1.10. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.46 and a current ratio of 2.53.

Globalstar (NASDAQ:GSAT) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company had revenue of $73.85 million for the quarter. Globalstar had a negative return on equity of 3.67% and a negative net margin of 21.07%.The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.06 EPS.

Insider Transactions at Globalstar

In related news, General Counsel L Barbee Iv Ponder sold 9,790 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $58.32, for a total transaction of $570,952.80. Following the completion of the sale, the general counsel owned 135,658 shares of the company’s stock, valued at $7,911,574.56. This trade represents a 6.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rebecca Clary sold 16,316 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $58.32, for a total transaction of $951,549.12. Following the completion of the transaction, the chief financial officer owned 98,374 shares of the company’s stock, valued at approximately $5,737,171.68. The trade was a 14.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 52,663 shares of company stock worth $3,061,073. 61.00% of the stock is currently owned by company insiders.

Globalstar Company Profile

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.